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You now have two equations, the budget equation (m=x11221*1 2*2112212x112x212 p+xp) and the tangency conditions (x=2m/3pand x=m/3p???????) that must be satisfied by the bundle demanded.
Find his demand functions for good 1, x(p, p, m) and good 2, x(p, p, m).
What are the 'macro' and 'micro' considerations of shifting rules and regulations in business?
In the highly competitive setting in which oligopoly firms operate, which of the following are considered to be typical temptations each may face?
Suppose that the price of beer rose by 7.8%, the price of pizza rose by 1.2%, and the price of chocolate did not rise at all. Also, suppose that beer represents 46 percent of the economy and pizza represents 42 percent. Chocolate is the rest of the e..
Suppose that in the hypothetical country of Sore, coffee mugs are distributed based on government policy. This distribution rule gives the residents of Caffistan an incentive to spend time. People in the U.S. state of Iowa eat both corn and potatoes...
The predictive power of the Heckscher-Ohlin model, at least in terms of forecasting the volume of trade, appears to undergo improvement upon abandonment of the assumption. The gravity model states that trade between two countries will increase if the..
Suppose that George operates a laundromat which requires two inputs, capital (K) and labor (L). His production function is Q=3K^(1/3)*L^(1/3). Suppose George desires to produce 90 units of output, and the cost of labor is $27. What is is capital dema..
Illustrate what happens when a per unit subsidy is replaced with a revenue equivalent lumpsum subsidy.
Assume that you have a budget of $25 to spend on milk and cereal only. The price of milk is. What is the most you can purchase of cereal? What is the opportunity cost of three units of cereal? Graph the budget constraint. Be sure to put the quantity..
Law of Diminishing Marginal Returns As a farmer, you must decide how many times during the year to plant a new crop. Also, you must decide how far apart to space the plants. Will diminishing returns be a factor in your decision making? If so, how wil..
Suppose a firm faces the inverse demand curve P = 600Q– 0.5. The firm has the total cost curve TC = 1,000 + 0.5Q1.5. Find the firm’s profit- maximizing output, price, and profit.
Explain the difference between a price setter and a price taker. Can most providers be classified strictly as price setters or price takers? What would happen financially to a healthcare organization over time if its prices were set at either full co..
Suppose a protective tariff on shirts is initiated in Country X, which had been importing them from Country Y. Among the following groups, who gains an who loses (short term)?
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